NFA Brokers question

[ronjohn]

Greetings,

If a FOREX Broker is NFA approved foreign or domestic, as a USA citizen can I legally trade with these companies. I am just trying to make sure that I do things the correct way. I am also curious if I will get a 10-99 B tax form from overseas companies as well.

Any information would be great

Thanks

 

[bigdolly]

Greetings,

If a FOREX Broker is NFA approved foreign or domestic, as a USA citizen can I legally trade with these companies. I am just trying to make sure that I do things the correct way. I am also curious if I will get a 10-99 B tax form from overseas companies as well.

Any information would be great

Thanks

Yes you can trade with NFA regulated broker. Check also if it's regulated by CFTC (appropriate US regulator for forex). Regarding overseas brokers I guess they won't accept US citizens, to be precise majority of them.

 

[Pharaoh]

There are some offshore brokers which accept US clients. Doing so puts them at risk of CFTC intervention, so I have my doubts that many would bother to provide US tax forms.

If you can live with the restrictions, you're safest trading with an NFA regulated broker. Even then, watch out for potential issues.